Visionstate Corp. Signs Letter of Intent to Invest in Exceed Solar

Published 11:43 AM ET Tue, 20 March 2018
Globe Newswire

EDMONTON, Alberta, March 20, 2018 (GLOBE NEWSWIRE) -- Visionstate™ Corp. (TSX VENTURE:VIS) Visionstate (or “the Company”) is pleased to announce that it has entered into a letter of intent with Edmonton-based Exceed Solar Inc. (“Exceed Solar”) to acquire 30% of the business in a cash and share transaction (the “Transaction”).

The transaction demonstrates Visionstate’s commitment to expanding and diversifying its technology portfolio. “We are pleased to be partnering with Exceed Solar,” said Visionstate Corp. CEO John Putters. “They are developing new products that have huge potential to transform the economics of residential housing. This investment brings new alternative energy technology and further diversification to our portfolio. I’m also excited for potential synergies in product development with Visionstate Inc.”

Exceed Solar specializes in alternative energy applications and is poised to be a disruptive force in the housing industry. They recently unveiled plans to create modular, prefabricated living spaces that use solar-powered technology and are net-zero energy capable. These modules, called “Sol Spaces”, are customizable, affordable and can be assembled by the owner. Pre-orders are currently available and product roll out is expected later this year. Additional information about Exceed Solar can be found at www.exceedsolar.com.

“We are thrilled that Visionstate Corp. will be investing in our company,” said Exceed Solar Co-Founder and Director of Sales and Marketing, Stanton Pawchuck. “Visionstate management understands our passion for the environment and supports our approach to developing sustainable and affordable housing. Their experience with startups will help us achieve our goal of disrupting the traditional housing industry.”

Visionstate Corp.’s objective is to diversify the Company’s product portfolio by investing in high growth and synergistic opportunities in areas including artificial intelligence, blockchain and sustainability-related technologies. For instance, Exceed Solar’s modular and bio-friendly units could be enhanced with sensors for measurement of energy generation and usage, thereby leveraging Visionstate’s existing building monitoring technologies.

About Visionstate Corp.

Visionstate Corp (TSX VENTURE:VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of sustainability, analytics and the Internet of Everything. Visionstate provides investors access to holdings in disruptive technologies that include artificial intelligence (AI), blockchain platforms and cryptocurrency. Through Visionstate Inc. it helps businesses improve operational efficiencies, reduce costs and elevate customer satisfaction with its state of the art devices that track and monitor guest activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping centers and other public facilities across North America. An extension of that product, CINDI™, has the potential to transform the guest service experience in the hotel industry. With the recent acquisition of Chatbot Incubator, specializing in applications for artificial intelligence, development is underway to make CINDI™ into a personal concierge, offering personalized services in every guest room. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.

Visionstate is listed on the TSX-V exchange under the ticker symbol "VIS”; additional investor information is available on SEDAR.

Forward Looking Statements

This news release may include certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with Visionstate’s business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect Visionstate’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Visionstate assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.